AUDUSD retraces gains on the day. Back near the Friday close

Technical Analysis

Author: Greg Michalowski | audusd

Trades near the close from Friday after run back above 100/200 hour MA fails

The AUDUSD ran up in the Asian session from the close on Friday near 0.7710. The price rise, took the pair above the 100/200 hour MA to a day high at 0.7746. The price then moved back below the aforementioned 100/200 hour MAs (currently at 0.7727 and 0.77338) and buyers started to tilt toward sellers. The price traded around the MA, but found more sellers against the MA.

Trades near the close from Friday after run back above 100/200 hour MA fails
The price has run lower over the last two hours, and in the process erased the gains. The low has reached 0.77038. The next target to get to and through would be the swing area between 0.76999 and 0.77031.  Get below that level, should increase the bearish bias for the pair.  

SUMMARY. The AUDUSD has seen the price action move up and then the price action move back down. In between the near converged 100/200 hour MA is a tilt for the bias. The pair is below the level so sellers have the edge.  

Having said that the swing area at 0.76999 to 0.77031 is holding support as dip buyers lean.  If it holds, the battle is on. If broken, sellers add to their control. 

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